He pleaded the PM to extend 3 to 5 per cent incentive under Merchant Export Incentivization Scheme (MEIS) as an interim relief till the FTAs are signed to enable the Indian textile industry to compete in the global market and fully utilize the production capacity.
The SIMA chairman heavily criticized the cotton trade policy of Cotton Corporation of India, which have been doing significant damages to the Indian textile industry particularly the SMEs, and favouring only the multinational cotton traders.
He pointed out that CCI had procured major portion of good quality cotton produced in Telangana, Andhra Pradesh and parts of Maharashtra and hoarding the cotton for several months which made mills in these States to source cotton from other States and also could not fulfill the customer requirements. (SH)
ALCHEMPro News Desk – India
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